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Armonk Real Estate

Fannie Mae lowers forecast for mortgage rates | Armonk Real Estate

The government shutdown and debt ceiling standoffs appear to have had a “minimal effect” on the housing market and rising home prices may actually help cushion some of the debates’ impacts by raising household net worth, Fannie Mae economists said in a monthly outlook released today.

Now that the Federal Reserve has decided to postpone its plan to taper its bond-buying activity, the mortgage giant doesn’t expect an end to the stimulus until the second half of 2014. Consequently, the economists lowered their forecast for mortgage rates, now predicting they will rise to an average of 4.4 percent in the fourth quarter and to 5 percent a year from now. In another sign of optimism for the housing market, Fannie Mae economists upped their forecast for home sales this year and anticipate they will rise 10 percent compared to 2012, though they expect a likely pullback in sales in the fourth quarter.

 

 

Source: Fannie Mae

 

 

– See more at: http://www.inman.com/wire/fannie-mae-lowers-forecast-for-mortgage-rates/#sthash.xcFPgdAK.dpuf

Housing affordability dips to a four-year low | Armonk NY Homes

According to an article in The Wall Street Journal, the average mortgage payment on a median-priced home in August as a share of median income was 16%. Furthermore, housing affordability hit a four-year low during the month after the market experienced gains in home prices in the spring and higher interest rates over the course of the summer.

While the data released earlier this week show affordability has been dented, homes are still more affordable than any time between 1989 and late 2008, according to the NAR’s figures.

At prevailing interest rates in August, the mortgage payment on the median priced home stood at $851, or around 16% of the median U.S. income. By contrast, the equivalent mortgage payment one year earlier, at $683, accounted for 13.3% of the median income.

                    Source: WSJ

Find the Best Energy-Efficient Window Treatments | Armonk NY Homes

Windows have a huge impact on how our homes look, feel and function, so we  want to get them right. But even the best windows have a hard time doing  everything we want them to do — let in light and views, keep out the cold, etc.  Happily, homeowners can make their windows perform better by choosing  energy-efficient window treatments such as insulated curtains and blinds.

You can find some great solutions for how to make windows more  energy-efficient — and your home more comfortable — without spending a lot of  money. You can even make some insulated window coverings yourself. Find out more about how to save money and spread the cost for new windows.

Out the Window

Windows are often described as “holes in the wall” for good reason. The U.S.  Department of Energy (DOE) reports that windows typically account for 25 percent  of annual heating and cooling costs in older houses, and can even be responsible  for as much as 40 percent.

Even those of us whose homes have high-performance windows want them to work  better. “It doesn’t matter whether you get the best window in the world. The  first thing that anybody is going to do is change the way it works,” says Peter  Yost, vice president for technical services at the publisher BuildingGreen.  These changes take place with the addition of blinds, insulated shades, thermal  curtains or other coverings.

So how do we make window treatments work for us, and still be efficient? To  get the most out of our windows, we need them to be adjustable. Depending on the  season and time of day, we may want to let in as much light, heat, fresh air and  view as possible — or do our best to keep those things out — in the name of  comfort, energy efficiency and privacy.

Check the Payback on New Windows

Many window replacement options are easy to get excited about because they offer  efficiency features that can lower your energy bills. However, many  green-building professionals agree that replacement windows are usually not an  effective way to spend your money. Less expensive energy-efficient window  treatments — such as plastic sheeting and thermal curtains — are often better  bets. “If you have decent windows now, does it pay to replace them? No. They’re  not going to pay you back in energy savings,” says Ken Riead, a home-energy  rater and trainer with Hathmore Technologies in Independence, Mo.

The easiest way to find out whether you have efficient windows is to have a  home energy audit. For a few hundred dollars — a fraction of the price of  installing new windows, new wall insulation, or even a new heating and cooling  system — a home energy professional will come to your residence to evaluate  which options are a good deal by calculating the energy saved and the payback  period. Specifically regarding windows, a home energy audit will assess whether  your best investment would be new windows, storm windows, or additional  weatherstripping and caulking. (Get the full scoop at Home Energy Audits: Measure Your Energy Costs and Add Up the  Savings.)

Regardless of whether you end up replacing your existing windows, you should  look into ways of improving their performance. With the exception of storm  windows, recommendations about energy-efficient window treatments (cellular  shades, thermal panels, retractable awnings, etc.) are probably beyond the scope of a home  energy audit, so you’ll need to do some further research. Luckily, much of the  legwork has been done for you.

A good starting place is the “Weighing Your Window Options” chart (See also in Image  Gallery). As you can see, no single energy-efficient window treatment will work  for everyone. You may think the hands-down best choice is insulated cellular  shades — because the chart shows they have one of the highest possible  insulation values — but cellular shades have poor resistance to condensation,  which can be a serious issue in cold, wet climates. Indeed, any window covers  that allow warm, moist interior air to come into contact with cold glass will  cause water droplets to form — risking rot and mold on wooden window frames.  Homeowners can stop condensation from forming by creating a vapor barrier that  prevents moisture from reaching the glass’s cold surface. A window quilt (that  is, an insulated shade) made of airtight material will do the job nicely as long  as the edge of the quilt is sealed to the window frame using bottom weights,  magnetic tape, Velcro strips, or snaps and hooks. High-insulating window quilts  are an easy do-it-yourself project — but maybe you’d prefer energy-efficient  curtains that don’t block the view, ventilation and daylight. Exterior storm  windows let you enjoy both the light and view, but they don’t resist  condensation — and they’re not cheap. Old-fashioned homemade curtains are easy  to pull aside and they’re quite affordable, but they provide negligible  insulation value. Be sure you weigh the pros and cons before making your  choice.

Before you start sewing insulated curtains or budgeting to buy storm windows,  compare a range of energy-efficient window treatments at Window Coverings and Attachments, a joint project of  BuildingGreen, Lawrence Berkeley National Laboratory and the DOE. The website is  pretty slick: The tool makes suggestions based partly on the climate and  location selected by the user. For example, in cold northern climates, moisture  condensation issues need special attention, and the wrong type of window covers  can do permanent damage. To avoid problems, you should look at window treatments  rated highly for condensation resistance, and if you indicate that you live in a  northern climate, the tool will automatically default to those options. You can  also narrow the search by your preferences. If you’re only interested in  products that will provide shade in summer, the selection tool will direct you  to those types of window covers. And it provides information on warranties to  help you choose energy-efficient window treatments that are also durable.

Do It Yourself

For information on basic window repair and air-sealing, check out the book Green Home Improvement by Dan Chiras. The book gives  step-by-step instructions for caulking and weatherstripping, installing  insulated shades, and putting in your own storm windows.

Another great online resource is Build It Solar, the website managed by Gary Reysa, a retired  aircraft engineer whose DIY home-energy projects have been featured in Mother  Earth News. The website has a lot of good information on energy conservation,  including how to make windows more energy-efficient. Reysa offers links to  numerous resources, as well as details on three window covers he’s tried  himself: homemade cardboard shutters, Bubble Wrap window coverings, and fixed  interior window panels.

Finally, if you’re interested in learning more about the hows and whys of  insulated window coverings, and especially if you want to try making your own,  be sure to snag a copy of the book Movable Insulation by North  Carolina-based architect William Langdon. First published in 1980, it remains a  useful resource. (You can search online for used copies or order a reprint from Knowledge  Publications).

“Blinds, thermal shades, insulated curtains, shutters or other creative  window devices can make your windows more dynamic with regard to energy  conservation,” says Langdon. Altogether, they can help you save hundreds of  dollars on heating and cooling costs and raise the comfort level inside your  home.

Read more: http://www.motherearthnews.com/print.aspx?id={925AA504-40C4-45C6-A4B5-AA6366FD411C}#ixzz2hhqSQ8Lf

Analyst forecasts a 20% drop in home prices | Armonk NY Homes

Mark Hanson, a Menlo Park, Calif., real estate analyst, blogger and founder of consultancy firm Hanson Advisers, may be the only bear left in the housing market, predicting a decline of 20% in housing prices in the next 12 months.

Hanson says private-equity firms caused about 50 percent of the price appreciation in cities like Phoenix and Las Vegas, and generally overpaid by 10 percent to 20 percent, according to his calculations.

With gains of more than 35 percent since the crash for properties in Las Vegas, Phoenix and other of the hardest-hit regions, these vultures will begin to lose interest, he figures.

However, he does not stand completely alone.

Less bearish real estate experts such as Stan Humphries, chief economist at Zillow and a Hanson fan, also see signs of froth.

“There’s a strong distinction between a normal slowdown and the wheels coming off the housing recovery,” says Humphries. “That’s where I depart from Mark’s take.”

                    Source: Bloomberg

North Castle Supervisor Arden on Brynwood | Armonk Homes

FOR IMMEDIATE RELEASE

TO:          All North Castle Neighbors

 

FROM:     Supervisor Howard Arden

 

RE:          The Brynwood Matter

 

Please be advised that I will be asking the Town Board tomorrow night to join me in referring Brynwood’s formation of a political action committee and its contributions during the recent primary election to the North Castle Board of Ethics for an advisory opinion.

During the period of time that the Board of Ethics has this matter before it, no further action will be taken by this Town Board on the Brynwood application.

The Brynwood item has been removed from the agenda as a

consequence.  If there are any public comments regarding this at tomorrow’s Town Board meeting they can be made at the end of the meeting during the public comment period.

Latest Update on Brynwood Development | Armonk Real Estate

Dear Neighbors,

We write to announce another significant step in our effort to transform Brynwood Golf & Country Club into a world-class club and residential community.

As you know, over the last year Brynwood has undergone a comprehensive environmental impact study as required by the State Environmental Quality Review Act (“SEQR”). Brynwood’s Draft Environmental Impact Statement (“DEIS”) has been reviewed and commented on by the Town of North Castle and its independent experts, citizen groups, and residents. In the coming days, we will submit a Final Environmental Impact Statement (“FEIS”) to the Town Board for consideration of acceptance.

We are reaching a critical juncture in the SEQRA review process. The Town Board is required to ensure that the FEIS adequately and accurately reflects the Town’s positions regarding the proposed project, and its potential impacts. The acceptance of the FEIS will be followed by the adoption by the Town Board of its written findings and determinations under SEQRA.  This will conclude the SEQRA process.

With this in mind, we have once again taken a very hard and critical look at our proposal to see how we can best address the concerns most recently expressed in the oral and written comments on the DEIS. We have listened carefully, and as a direct result of these comments, we have offered the following additional mitigation measures to the Town:

  • Any building permit for condominium units beyond 49 will be conditioned upon Brynwood substantially completing the renovations to the golf course and clubhouse – this further ensures the projected property taxes generated by these components are realized.
  • Brynwood will guarantee the Town $500,000 per year in property taxes on the golf course and clubhouse for ten years after they are renovated.
  • Brynwood will contribute $1 million to Water District No. 2 (which serves Windmill Farm) toward the district’s project to rebuild the community’s pipe system. Brynwood will also buy in to Water District No. 2, and its annual use fees from the residences and clubhouse will be added to the district’s revenue, which will save Windmill homeowners approximately $3 million over 25 years.
  • Brynwood will permanently, via a conservation easement, limit the future use of the property to either golf course or open space.
  • Brynwood will maintain all private roads, sewage, snow plowing, ground maintenance and garbage removal at no cost to the Town.
  • Brynwood will withdraw a pending tax certiorari in the amount of approximately $1 million.
  • Brynwood will contribute $150,000 to the Town for a right turn lane on Tripp Lane for cars exiting Byram Hills High School; contribute $250,000 to the Town for the construction of a new bike path; and contribute $25,000 to help fund the relocation of the historic Miller House (Washington’s Headquarters in North White Plains).
  • As stated in the DEIS, Brynwood will implement “green” best practices for the golf course and overall club environment.
  • Brynwood will set back all new structures on the property at least 100 feet in a landscaped buffer from the perimeter property line to reduce visual impact to neighbors.

Over the last several years, we have worked diligently and in good faith to develop a plan for Brynwood that balances the club’s objectives with those of the community. We believe this is a conscientious and responsive proposal for a project that will undoubtedly have a long lasting positive effect to the Town, surrounding homeowners, and our members. Together we are creating something of high quality that we can all be proud of being part of for many years to come.

As noted above, we expect to submit the FEIS to the Town shortly, and it will reflect our new proposal.

Your continued support is greatly needed and much appreciated as we work together in realizing Brynwood’s amazing potential.

Sincerely,

Brynwood Partners

Price and Rate Hikes Hit New Homes | Armonk NY Homes

Both the price of new homes and the cost of mortgages to buy rose in August.  New home prices rose an average of $6,000 and loans rose 26 basis points.

In August, both the contract and effective rates on new home loans were higher than they’ve been at any time since September of 2011.  Interest rates on conventional mortgages used to purchase newly built homes increased for the third month in a row, according to data released last week by the Federal Housing Finance Agency (FHFA).  After rising by roughly 1 tenth of a percentage point in June and roughly 4 tenths in July, the average contract interest rate on conventional loans for newly built homes increased by another 26 basis points in August, to 4.20 percent.

The average initial fee on the new home loans dipped slightly, from 1.11 to 1.06 percent.  That was  not nearly enough to offset the increase in the contract rate, so the effective rate on the loans (after amortizing the initial fees) also increased by 26 basis points, to 4.33 percent.  Meanwhile, the average term on conventional new home loans continues to hover around 28 and half years.

After two months of declines, the average size of new home loans and price of the homes purchased with the loans both increased in July.  The loan amount increased for the second month in a row, to $308,300, while the loan-to-price ratio remained relatively constant at 78.7 percent.  As implied by those numbers, the average price of new homes purchased with conventional loans increased by $6,000, to $400,400-marking only the second time in 2013 that the price has been as high as $400,000.

 

http://www.realestateeconomywatch.com/2013/09/price-and-rate-hikes-hit-new-homes/

 

Generate leads by the thousands with Facebook photo contests | Armonk Real Estate

Editor’s note: This post explores a marketing tactic submitted by Dream Town Realty, the most recent winner of #madREskillz, a weekly Inman News Twitter competition.

One day this summer, a University of Chicago student biking to school was struck by how a sculpture featuring figures holding their heads in exasperation seemed to mirror the mood of many of his college peers, who at the time were mired in finals week, according to Yuval Degani, president of Dream Town Realty.

Captured by the parallel, he whipped out his smartphone and shot a photo of the angsty figures, Degani said.

That proved to be a smart move on the student’s part: The photo ultimately bagged him $2,500, after garnering the most votes in a Facebook photo contest hosted by Dream Town Realty.

Cash prizes were just one aspect of the robust marketing campaign that Dream Town held over the summer. The competition’s success demonstrates that hosting photo contests can help catapult a broker’s Facebook following and boost online engagement.

Calling for submissions of photos of the Windy City, “Chicago in Focus” helped Dream Town collect more than 4,000 likes on its Facebook page in just one month, more than tripling the amount the page had gathered over the four previous years of its existence.

 

 

 

– See more at: http://www.inman.com/2013/09/26/generate-leads-by-the-thousands-with-facebook-photo-contests/#sthash.IZt7POmF.dpuf

How Much Does it Cost to Install Windows? | Armonk Real Estate

Windows can bring light and warmth, provide views, beautify inside and out and add tremendous value to your home. They also can let in the elements and intruders that put your home at risk. That’s why windows – quality windows – must be considered an important investment. The cost of windows will depend on the type, dimensions, materials used, security features, the complexity of the installation, and, of course, the number of windows needed.
Number of Windows

Generally, the more windows you need to install, the more expensive the installation price. But installation professionals will charge less per window if you install several at the same time. So if you’re thinking about only replacing a couple of windows, it might make sense for you to talk to your pro about the cost of installing multiple windows at one time. It may save you money in the long run.  Continue Reading

Window Sizes

Windows tend toward different dimensions depending on where they’re needed. Living rooms typically have larger picture windows hung in multiples ranging from 3×4′ to 6×6′. Standard bathroom windows are quite a bit smaller, ranging from 2×1.5′ to 2×3′. Major window manufacturers can customize windows to any dimensions, but be aware that you may pay more for odd sizes.

Window Sash Materials

Vinyl windows are inexpensive and require little or no maintenance. They’re also extremely durable; changes in humidity don’t cause them to swell or shrink. Most vinyl window manufacturers stand behind their products with strong warranties. Their greatest drawback is that they’re not as sturdy or attractive as wood. Wood frames, on the other hand, cost more and require much more maintenance. Fail to repaint and finish wooden window frames and they become susceptible to the elements. But all that work and money can be worth it for the classic, authentic architectural appeal of wood. That’s why some historical neighborhoods have covenants requiring that windows be framed with wood. New composite windows attempt to capture the best of both worlds by mixing PVC polymers with wood fiber to create a stronger, more attractive synthetic window frame.

Window Panes

New windows can save you considerable money on your utility bills and make your home more comfortable. Windows are rated by the U-factor. The lower the U-factor, the more energy efficient and higher the initial cost. You’ll pay more for double-pane windows, but they will pay for themselves over time. Experts say double-pane windows can save up to 24 percent in cold climates during the winter and up to 18 percent in hot climates during the summer. More about double-pane options.

Other Window Cost Factors

Replacing existing windows is, of course, usually cheaper than cutting walls for new ones. You might consider talking to both your contractor and a security firm about how to make your windows safe from burglars. Also, be aware that windows above the first floor may be more expensive to install because of access issues.

I’ll Have the Same: How to Design With Monochromatic Color | Armonk Real Estate

We’re taught from an early age that overindulgence is a bad thing. But sometimes it can be very, very good.
Repeating a single color throughout an entire room can be not only beautiful, but relatively easy to pull off. No worrying about whether the curtains go with the carpet. When everything’s the same color, it’s usually a match.
Granted, the look can be overwhelming. It works best in contained spaces where you don’t spend a lot of waking hours, such as a bedroom. And while it’s possible to match the color precisely in every detail, it’s better (and easier) to vary the shade a bit — in terms of both hue and intensity, and texture and sheen. That keeps the repetition interesting.

modern bedroom by Amy Lau Design

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One of the appealing things about a monochromatic interior is that colors you’d think would be too overpowering on their own become more demure when used en masse. The sheer quantity dilutes their ability to shock and makes even a strong color, like acid green, feel restful.
When working with bright colors, be mindful of the amount of light the room gets: This space could be blinding if it got a lot of intense, direct sun.
by Chambers + Chambers Architects

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This charming bedroom merges shades of pink, orange and coral. They have more depth and visual interest together than a single shade would have, and also contribute to the room’s casual feel.
contemporary kids by Melanie Coddington

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Although the patterns in this girl’s room don’t match, they all work together because they share a common color. Liberal additions of white prevent the blue from overwhelming the space and add to the tranquil atmosphere.
traditional living room by Kendall Wilkinson Design

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The combo of blue and white is a seaside staple. But in this San Francisco home, the variations in hue and solid planes of color banish some of the sweetness, making the scheme feel fresh and more contemporary.
eclectic bedroom by HERMOGENO DESIGNS

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Pink has such feminine connotations, we’re often afraid to use it outside a bedroom. But inside a bedroom — watch out! Pink fabric upholsters the walls and bed in this boudoir, making the softness not just visual but tactile.